Broad Street Development’s FiDi Tower Draws Three Startups
Terence Cullen March 24, 2015, 4:12 p.m.
A trio of startups are branching out on their own from incubators and heading to Broad Street Development’s 80 Broad Street, Commercial Observer has learned, giving the firms the ability to lease their own spaces for the first time.
The new tenants in the 36-story building between Stone and Marketfield Streets are Hamlyn Williams, a global recruiting consultancy, which leased 4,371 square feet on the third floor; direct title insurance underwriter OneTitle National Guaranty Company, which moved from an incubator to take 3,831 square feet on the building’s third floor; and Lemire, an investigations and consulting firm, which leased 2,422 square feet on the 12th floor.
The leases were all signed within in the last few weeks, according to a spokesman for Broad Street Development. The asking rents ranged from the mid- to high-$40s per square foot.
“Once a company grows beyond eight to 10 people, it is cost prohibitive to remain in incubator/fractional space,” said Raymond Chalme, a principal of Broad Street Development, in prepared remarks. “However, the transition to a traditional office tenant in a company’s own space is daunting and fraught with hidden costs and demands. At 80 Broad Street we wanted to create an atmosphere for companies that have been incubated into existence, but now require high-quality office space to accommodate their next phase of growth, while at the same time helping them make a seamless relocation by providing shared amenities, top quality pre-builds and advisory services.”
The three start-ups are part of a group of 10 new tenants Broad Street Development has signed deals with since it bought the Art Deco tower six months ago. Since the purchase last September for $173 million, the developer has been focused on attracting companies looking to hatch out of incubators and lease for the first time.
Willard Overlock with Cushman & Wakefield represented Hamlyn Williams. Peter Cento, also with C&W, represented OneTitle National Guaranty Company in the deal. Travis Wilson of Newmark Grubb Knight Frank represented Lemire. The brokers did not respond to requests for comment. Broad Street Development was represented in-house by David Israni and Ramona Huegel.